Zeitschriftenartikel
Mortality transition and differential incentives for early retirement
d'Albis, H., Paul Lau, S., Sánchez Romero, M.
Journal of Economic Theory, 147:1, 261–283 (2012)
Abstract
Many studies specify human mortality patterns parametrically, with a parameter change affecting mortality rates at different ages simultaneously. Motivated by the stylized fact that a mortality decline affects primarily younger people in the early phase of mortality transition but mainly older people in the later phase, we study how a mortality change at an arbitrary age affects optimal retirement age. Using the Volterra derivative for a functional, we show that mortality reductions at older ages delay retirement unambiguously, but that mortality reductions at younger ages may lead to earlier retirement due to a substantial increase in the individual's expected lifetime human wealth.
Schlagwörter: mortality decline, retirement